Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following tables set forth selected financial data. The selected financial data should be read in conjunction with the financial statements and notes thereto and with Management's Discussion and Analysis of Financial Condition and Results of Operations. Other data we believe is important in understanding trends in our business is also included in the tables.


	As of or for the Year Ended December 31,
	2015 (1)			2014 (2)			2013			2012			2011
	(in thousands, except per share data)
OPERATING DATA:
Total consolidated revenue	$	5,266,103		$	4,870,818		$	4,543,849		$	4,256,157		$	3,728,454
Consolidated income from continuing operations		2,139,375			1,622,165			1,366,793			1,563,242			1,086,040
Consolidated net income		2,139,375			1,651,526			1,551,590			1,719,632			1,245,900
Net income attributable to common stockholders	$	1,824,383		$	1,405,251		$	1,316,304		$	1,431,159		$	1,021,462
BASIC AND DILUTED EARNINGS PER SHARE:
Income from continuing operations	$	5.88		$	4.44		$	3.73		$	4.29		$	3.03
Discontinued operations		—			0.08			0.51			0.43			0.45

Net income attributable to common stockholders	$	5.88		$	4.52		$	4.24		$	4.72		$	3.48



Basic weighted average shares outstanding		310,103			310,731			310,255			303,137			293,504
Diluted weighted average shares outstanding		310,103			310,731			310,255			303,138			293,573
Dividends per share (3)	$	6.05		$	5.15		$	4.65		$	4.10		$	3.50
BALANCE SHEET DATA:
Cash and cash equivalents	$	701,134		$	612,282		$	1,691,006		$	1,153,532		$	776,039
Total assets		30,650,673			29,532,330			33,324,574			32,586,606			26,216,925
Mortgages and other indebtedness		22,502,173			20,852,993			22,669,917			22,186,848			17,431,588
Total equity		5,216,369			5,951,505		$	6,822,632		$	6,893,089		$	5,544,288
OTHER DATA:
Cash flow provided by (used in):
Operating activities	$	3,024,685		$	2,730,420		$	2,700,996		$	2,513,072		$	2,005,887
Investing activities		(1,462,720	)		(897,266	)		(948,088	)		(3,580,671	)		(994,042	)
Financing activities		(1,473,113	)		(2,937,735	)		(1,220,563	)		1,453,467			(1,009,913	)
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		2.70x			2.39x			2.22x			2.43x			1.99x
Funds from Operations (FFO) (4)	$	3,571,237		$	3,235,298		$	3,205,693		$	2,884,915		$	2,438,765



Dilutive FFO allocable to common stockholders	$	3,057,193		$	2,765,819		$	2,744,770		$	2,420,348		$	2,021,932



Diluted FFO per share	$	9.86		$	8.90		$	8.85		$	7.98		$	6.89

(1)

During the year ended December 31, 2015, we recorded a $121.0 million loss on extinguishment of debt associated with the early redemption of two series of unsecured senior notes, reducing diluted FFO and diluted earnings per share by $0.33. We also recorded a gain on sale of marketable securities of $80.2 million, increasing diluted FFO and diluted earnings per share by $0.22.

(2)

During the year ended December 31, 2014, we recorded a $127.6 million loss on extinguishment of debt associated with five unsecured note tender offers and one early unsecured note redemption, reducing diluted FFO and diluted earnings per share by $0.35. We also recorded transaction expenses related to the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, of $38.2 million or $0.10 per share. 2014 FFO includes results for five months of Washington Prime of $146.2 million or $0.40 per share.

(3)

Represents dividends declared per period.

(4)

FFO is a non-GAAP financial measure that we believe provides useful information to investors. Please refer to Management's Discussion and Analysis of Financial Condition and Results of Operations for a definition and reconciliation of FFO to consolidated net income and FFO per share to net income per share.

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